Nova Biosource Fuels, Inc. (NBF) successfully listed its shares on the American Stock Exchange today. Although the reception wasn't quite what I had anticipated, the technicals continue to hold up. Heavy volume continues to appear on the up days, despite strong resistance entrenched at the $3.15-.10 level.
A nice bullish ascending triangle has also appeared within the daily landscape. Although these patterns are bullish and indicate accumulation, overhead resistance needs to be broken for adequate conformation. Look for a gap above $3.10 or a long green bar which closes firmly above this level.
I will remain in my position and possibly add to it tomorrow.
Disclosure: Author is long NBF.